NILES, IL--(Marketwired - Apr 15, 2014) - MFRI, Inc. (NASDAQ: MFRI) announced today changes in the composition of its board of directors, including the appointment of Jerome T. Walker to the board.
Mr. Walker, age 50, is executive vice president of global solutions at Dresser-Rand Group Inc., a NYSE-listed company and one of the largest suppliers of custom-engineered rotating equipment solutions to the worldwide oil, gas, petrochemical, and process industries. In that capacity, he oversees the development and deployment of comprehensive projects and programs to meet Dresser-Rand's client needs and to drive the company's growth. Mr. Walker's areas of responsibility include technology development and commercialization; marketing, corporate strategy and development; regional business leadership for emerging geographies; and program management operations.
MFRI President and CEO Brad Mautner commented, "We are extremely pleased that Jerry has agreed to join our board. His work in larger public companies, coupled with his broad experience in energy markets and in various international locations, makes him an outstanding addition. We look forward to his insights as we work to expand our capabilities and footprint."
Mr. Walker joined Dresser-Rand in January 2009 as vice president and general manager, Americas and Asia Pacific operations, with responsibility for global and domestic products manufacturing for hydrocarbon, environmental and related industries. Prior to joining Dresser-Rand, he spent 15 years at Honeywell International in various senior leadership roles, including vice president of global operations from 2005 to 2008. In that role, he led all aspects of manufacturing, supply chain and project operations for Honeywell's global industrial automation and control business. Prior to that, he led Honeywell's Europe, Middle East and Africa industrial business units.
Mr. Walker has a BS in Chemical Engineering from The University of Notre Dame and an MBA from Northwestern University Kellogg Graduate School of Management.
MFRI also announced that Arnold F. Brookstone and Stephen B. Schwartz will not stand for re-election as directors at MFRI's 2014 annual meeting. Mr. Brookstone and Mr. Schwartz have served on MFRI's board since 1990 and 1995, respectively.
Mr. Mautner and Chairman David Unger commented, "The entire board joins us in thanking Arnie and Steve for their many years of service and innumerable contributions. We are truly grateful to have had access to the experience, judgment and wise counsel each of them consistently shared with us over the years. They were instrumental in helping MFRI navigate growth and the many changes and challenges that occur over time. On a more personal level, we could not have found better colleagues to be associated with as leaders of our governance responsibilities. We wish them all the best."
MFRI, Inc. manufactures pre-insulated specialty piping systems for oil and gas gathering, district heating and cooling as well as other applications. The Company also manufactures custom-designed industrial filtration products to remove particulates from air and other gas streams. In total, MFRI has operations in 10 locations in six countries. For more information, visit the Company's website at www.mfri.com or contact its investor relations representative, LHA.
Statements and other information contained in this announcement that can be identified by the use of forward-looking terminology constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbors created thereby. These statements should be considered as subject to the many risks and uncertainties that exist in the Company's operations and business environment. Such risks and uncertainties include, but are not limited to, economic conditions, market demand and pricing, competitive and cost factors, raw material availability and prices, global interest rates, currency exchange rates, labor relations and other risk factors.